U.S. 30-year mortgage rate lowest in nearly three years: Freddie Mac

NEW YORK (Reuters) - Interest rates on U.S. 30-year mortgages slipped to their lowest levels in nearly three years following the recent decline in benchmark Treasury yields due to economic worries, mortgage finance agency Freddie Mac FMCC.OB said on Thursday.

Homes are seen under construction in the northwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola

The average 30-year mortgage rate fell to 3.58 percent in the latest week, down from 3.59 percent the prior week, Freddie Mac said in its latest mortgage rate survey.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February...This rate represents yet another low for 2016 and the lowest mark since May 2013,” Freddie Mac’s chief economist Sean Becketti said in a statement.

A week ago, benchmark 10-year Treasury yield US10YT=RR fell to 1.650 percent, which was its lowest since Feb. 25, according to Reuters data. It was last up over 3 basis points on Thursday at 1.795 percent. [US/]

Below is a summary of Freddie Mac’s average mortgage rates in the week ended April 14:

Loan type Latest Week ago Year ago

week (pct) (pct) (pct)

30-year 3.58 3.59 3.67

15-year 2.86 2.88 2.94

5-year ARM 2.84 2.82 2.88

Reporting by Richard Leong; Editing by Chizu Nomiyama